Number of billion-won asset holders triples over 15 years
A Hana Bank employee holds 50,000 won bills at the bank’s headquarters in central Seoul. (Newsis)
The number of Koreans with more than 1 billion won ($677,000) in financial assets has tripled in 15 years, with the top 1 percent now controlling about 60 percent of the nation’s financial wealth, a KB report showed Sunday.
KB released its annual Korea Wealth Report, with this year’s edition featuring a retrospective analysis of the past 15 years to track changes in the size, composition and asset allocation of Korea’s wealthy population.
According to the report, the number of so-called rich Koreans, defined as individuals holding more than 1 billion won in financial assets, reached 476,000 this year, up from 130,000 in 2011 when the survey began. The group has expanded at an average annual rate of 9.6 percent…
